TORONTO, August 22, 2006 - VenGrowth Asset Management Inc. and its affiliates ("VenGrowth"), a leading alternative investment firm with over $1 billion in assets under management, today announced its intention to re-open The VenGrowth Investment Fund Inc. ("VenGrowth I Fund") to existing Ontario shareholders. The Fund's Board of Directors has approved a resolution to commence distribution of Class A Shares. The Fund was previously capped to new investors in December 1999. A preliminary prospectus is now being prepared with a view to re-opening the Fund later this year.
"VenGrowth I Fund is a flagship venture fund that has been investing since 1995 in some of what we consider to be the best private companies in Canada," said David Ferguson, VenGrowth Managing General Partner. "The Fund now has a portfolio of mature venture-backed companies seeking opportunities to realize on the value that they have built. We believe that re-opening the Fund is in the best interest of shareholders and will enable loyal investors to rollover their existing investment, generate new tax credits and remain invested in a mature portfolio with significant upside potential."
About VenGrowth I Fund
Launched in 1995, the Fund aims to achieve long-term capital appreciation through backing small- and medium-sized eligible Canadian businesses in a range of industry sectors; many of such entities being considered later-stage investments on the spectrum of venture capital investment opportunities. In addition to expert management, the Fund offers investors long-term performance potential, 100% RRSP-eligibility and, through its labour-sponsored investment fund structure, eligibility for substantial tax credits. The Fund had net assets of $254.3 million as of July 28, 2006.
About VenGrowth
VenGrowth is dedicated to providing Canadians with superior, value-added investment alternatives through its affiliates VenGrowth Private Equity Partners Inc. and Criterion Investments Limited. Founded in 1982, VenGrowth today manages over $1 billion in private equity and structured product assets on behalf of over 200,000 individual investors and leading pension funds, banks, insurance companies and family foundations. VenGrowth's offices are located in Toronto (Corporate Headquarters) and Ottawa. For more information, please visit www.vengrowth.com.
The re-opening of The VenGrowth Investment Fund Inc. (the "Fund") will be pursuant to a preliminary and final prospectus of the Fund to be filed with the Ontario Securities Commission. You can only purchase shares of the Fund under a final prospectus that has been receipted by the Ontario Securities Commission.
For further information:
Angus Fisher
Media Relations
VenGrowth Asset Management Inc.
(416) 628 9255
afisher@vengrowth.com
